Change is in the air and if you’ve been putting off your plans to put your home on the market, now might be the time to make a move.
The housing market looks set to play a key role in Keir Starmer’s government, which aims to boost house building, affordability and economic growth.
This is Money speaks to real estate agents to find out how sellers can increase their chances of a quick sale at the best price.
First impressions are important, both from the outside and the outside, but it is also vital to set the right price and do everything you can to prevent the sale from falling through later.
Get Selling! Change is in the air and this could be a great time to put your home up for sale
1. Don’t try to time the market
Putting a home on the market is not an exact science. While it can be tempting to wait and see if prices rise or fall significantly in the coming months, delaying is not always the best option.
Jeremy Leaf, a North London-based estate agent and former chairman of Rics Residential, told This is Money: ‘Don’t try to time the market because it rarely works.
‘If you can wait a little while before putting your home up for sale, this might be a good idea. This way you can already discover what the terrain is like.
‘But it’s worth talking to a trusted local agent about this approach and finding out what’s happening with other sales in your area. Are they moving faster or are there more viewings now that some of the uncertainty has gone?
‘Be guided by local market conditions, as they can differ significantly from the national picture.’
Mr Leaf is not convinced that waiting until after Labor’s first budget, whenever that may be, is the best course of action for potential sellers.
He said: ‘There is a risk in delaying marketing your property until after the first budget as this can be counterproductive.
‘Most people expect taxes to rise under Labour, so the budget could put a damper on confidence and the housing market generally.
‘Acting now rather than waiting could serve you better, especially if rates fall next month. After all, most buyers are still more interested in the pace of mortgage rate cuts and affordability than in political rhetoric.’
2. Assemble your team
The prospect of selling your home can be both daunting and exciting, but don’t rush the process without a strong team on your side.
Hiring expert staff to help you sell your home can make the process a lot smoother and faster.
Before you even think about how to prepare your home for viewings, you need to find the best agents to sell your home. You can always do it yourself, but it can be fraught with pitfalls for the uninitiated.
Search for reviews of real estate agents and if possible, ask for recommendations from people you know. Real estate agents should know their local beats inside and out and be able to give you personalized advice on selling your home.
You also need a lawyer. Finding a good lawyer often makes a big difference in the sales process.
Donna Vogt, agency director at David Britton Estates in Cumbria, told This is Money: ‘Selling a house can be a complicated and time-consuming process. One of the most important steps is to get a legal team involved at an early stage.
‘By involving a lawyer or notary from the outset, you can streamline the entire transaction, reduce stress and avoid potential pitfalls.
Team Building: Realtor Donna Vogt believes it is crucial to find the right attorney for a sale
‘By involving a legal team early on, we can ensure that all necessary documentation and legal formalities are handled promptly.
“This includes preparing the draft contract, obtaining title deeds and addressing any potential issues with the property title. Early preparation can prevent delays later in the process when a buyer has been found and negotiations are underway.”
She added: ‘A lawyer can also provide crucial advice on legal obligations and responsibilities, and ensure compliance with UK property law.
‘They can identify and resolve any issues, such as boundary or planning permission disputes, that could otherwise derail the sale.’
Hiring a lawyer also shows that you are serious and well prepared, which can make your home more attractive and possibly speed up the sales process.
3. The attractiveness of the curb counts
Contrary to what we see on property TV shows and in the movies, most of us don’t live in a dreamy chocolate box cottage or a gleaming Georgian mansion with a sweeping driveway or a garden that would make Capability Brown proud.
But even the ugly ducklings of the real estate world can benefit from a makeover before they go up for sale.
Clean out your bins! Real estate expert Alex Decmar says sellers should keep their recycling bins tidy
Alex Decmar, a buyer’s agent in Surrey, told This is Money: ‘Generally speaking, most buyers care about how a house looks from the front. And when you combine that with the fact that most agents start their marketing with that photo, you really need to do everything you can when preparing your home to sell to include greenery, neatly painted fences and tidy recycling bins.’
David Britton, director of David Britton Estate Agents, said: ‘You only get one chance to wow a potential buyer, so declutter, consider redecorating your home in neutral tones and address any major issues.
‘Your collection of ceramic dogs on the mantelpiece may be wonderful, but remember that your taste is not for everyone.’
Cleaning up, rearranging rooms to find the optimal layout, and doing those little jobs you’ve been putting off, like hanging pictures and touching up the paint, all help with viewing.
If you have a garden or balcony, visit your local garden centre and pick up some new plants, flowers or hanging baskets to make your property look even more attractive during viewings.
4. Resolve bottlenecks and larger problems
If you live in a house for a while, defects and problems in your home are less likely to be noticed.
Potential buyers will look closely at your property and notice things that you haven’t checked or fixed in years. Buyers have an eye – and nose – for detail.
Don’t take any risks: resolve as many defects in your home as possible before the viewings
Mr Decmar said: ‘Nothing makes a buyer more suspicious than signs of a leak or a bathroom repair that hasn’t been fully completed.
Try to fix any minor issues to remove any buyer’s “objections” before he or she steps into your home.
‘It is human nature to look for problems when spending large sums of money. You should try to eliminate as many of those problems as possible.’
Getting home repairs done can be a costly affair. Nationwide recently doubled the maximum personal loan to £50,000, as rising construction costs continue to hit people’s home improvement plans.
If you are unwilling or unable to afford to make major or minor repairs yourself, remember that these defects will need to be factored into the price, especially if a potential buyer notices them.
5. Price realism
The era of sub-two percent mortgage rates seems like an eternity ago and the new norm for mortgage rates isn’t likely to change anytime soon.
Some lenders have begun cutting interest rates on certain mortgages in anticipation of an expected drop in interest rates this summer.
However, mortgage rates are slowly falling and affordability remains an important issue for many.
Check online and at real estate agencies to see how many houses of similar size and condition are for sale in your area.
Andrew Groocock, partner at Knight Frank, told This is Money: ‘When it comes to price, the main thing to consider before you engage an agent is how they arrived at the value of the property.
Have they shown you comparable properties, have they sold a comparable property to yours and what was the price they got for it?
‘Agents must provide full transparency about pricing, based on facts, so that you can make an informed decision about which agent you use.
‘Don’t just choose the real estate agent who gives you the highest valuation, without him or her actually having experience with it.’
6. Prevent a failed sale
Even if you have accepted an offer on your property, there is still a chance that the sale will fall through. A failed sale can be stressful, time-consuming and costly.
In England and Wales there is nothing to prevent either the buyer or seller from withdrawing from a purchase.
As a seller, it can be useful to aim for a strict timetable for exchanging contracts, but in practice this is not always easy to achieve.
Regular communication with all parties involved is essential.
Harry Bethell, partner at Knight Frank, told This is Money: ‘To maximise your chances of a successful sale, you need to put communication first by keeping in regular contact with your lawyer, agent and the buyer so that you can address any issues quickly.
‘In addition to timing, accurate pricing, good presentation of your home and addressing any issues after the valuation are crucial factors in preventing the sale from falling through.’
He added: ‘Regular maintenance of your home and having regular servicing carried out on your heating system, electrical system and any structural faults are vital to prevent your home from collapsing in the future.
‘Proactively discussing any problems with the buyer after the inspection is also essential for a successful sale.
‘If all goes well, the most important part of any sale is regular communication between the agent, lawyers, buyers and sellers involved in the transaction.
‘A large part of sales can fail due to lack of communication and delays. By keeping in regular contact with the parties involved, you prevent problems from arising just before the closing of the deal.’